New Jersey’s Atlantic City has once again shown a decline in profits over the first quarter of 2013. This decline was substantial and represented a reduction in profits of 63.2% from the same time period in 2012.
In 2012 New Jersey saw a profit of $114.3 million however this quarter it only saw a mere $41.3 million. That is a substantial amount to see from a reduction point of view and worrisome to many within the New Jersey gaming community. It is hopeful that the legalizing of online gambling will bring much needed rejuvenation and help increase profits. It is believed that online betting will help bring in $181 million for the state in revenue however that amount is highly contested with many believing the number will be closer to $30.5 million. This is a huge difference between the two predictions that only time will tell who was closer to the mark.
Even though the results for the first quarter were dismal and the conflicting revenue models towards online gambling are different the outlook from those in the business who will be offering online betting within the state remain high. There is a feeling of positivity that online gambling is bringing to New Jersey from a profit perspective. The amount of money spent online by Americans gambling is huge and therefore previous numbers relating to potential profits are being used prior to the UIGEA taking effect.